NO.PZ202212260100003901
问题如下：
Bader shifts her focus to currency expectations relative to clients’ base currency and summarizes her assumptions in Exhibit 1.
(1) Based on Bader’s expectations for current account secular trends as shown in Exhibit 1, Bader should reallocate capital, all else being equal, from:
选项：
A.Country A to Country C. B.Country B to Country A. C.Country C to Country A.解释：
Correct Answer: A
Bader should reallocate capital from Country A, which is expected to have a secularly rising current account deficit, to Country C, which is expected to have a secularly rising current account surplus. A rising current account deficit will tend to put upward pressure on real required returns and downward pressure on asset prices, whereas a rising current account surplus (or narrowing deficit) will put downward pressure on real required returns and upward pressure on asset prices. Analysts should consider reallocation of portfolio assets from countries with secularly rising current account deficits to those with secularly rising current account surpluses (or narrowing deficits).
中文解析:
贝德应该将资本从A国重新配置到C国，因为A国的经常账户赤字预计会持续上升，而C国的经常账户盈余预计会持续上升。不断上升的经常项目赤字往往会给实际所需回报带来上行压力，给资产价格带来下行压力，而不断上升的经常项目盈余(或不断缩小的赤字)则会给实际所需回报带来下行压力，给资产价格带来上行压力。分析师应考虑将投资组合资产从经常账户赤字持续上升的国家重新配置到经常账户盈余持续上升(或赤字不断缩小)的国家。
A rising current account deficit will tend to put upward pressure on real required returns and downward pressure on asset prices.这里upward pressure是指return会上涨？
